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Crypto market lose power after rebound. BTC had a significant decline for a period of time after the ETF was announced. But after 15 days, sufficient liquidity brought an increase that repaired the decline. It has been two weeks since the ETH ETF was listed. After excluding the impact of grayscale, we have seen that traditional funds are also flowing into the ETH ETF.
CPI data for July will be released on Wednesday. We believe that if CPI falls further, it will give risk assets such as BTC and US stocks an upward momentum. We do not believe that the recession started on August 2, when the employment data was released. Therefore, if the CPI data falls further, the market will not panic about recession, and will price further interest rate cuts.
We believe that a large amount of spot ETH being staked will increase volatility. When ETH is dumped, the volatility does amplify, but it is far less than other tokens during the rebound. This is not a good phenomenon. As we mentioned above, the ETH ETF has been listed for two weeks, and there is every reason to believe that the sell the news phenomenon is over. The bulls' performance has been disappointing.
Like BTC, we saw the emergence of whales when ETH dumped. The whale disappears after a day and does not continue to participate in trading. Judging from the ME indicator, ETH has entered a bearish trend, and the wavy area has further widened.
To sum up, we believe that ETH will remain fluctuating this week, and the probability of falling is greater than rising. We maintain our original resistance level 2800 and support level 2400.
CPI data for July will be released on Wednesday. We believe that if CPI falls further, it will give risk assets such as BTC and US stocks an upward momentum. We do not believe that the recession started on August 2, when the employment data was released. Therefore, if the CPI data falls further, the market will not panic about recession, and will price further interest rate cuts.
We believe that a large amount of spot ETH being staked will increase volatility. When ETH is dumped, the volatility does amplify, but it is far less than other tokens during the rebound. This is not a good phenomenon. As we mentioned above, the ETH ETF has been listed for two weeks, and there is every reason to believe that the sell the news phenomenon is over. The bulls' performance has been disappointing.
Like BTC, we saw the emergence of whales when ETH dumped. The whale disappears after a day and does not continue to participate in trading. Judging from the ME indicator, ETH has entered a bearish trend, and the wavy area has further widened.
To sum up, we believe that ETH will remain fluctuating this week, and the probability of falling is greater than rising. We maintain our original resistance level 2800 and support level 2400.
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